BEIJING, July 21, 2026 – Han Kun Law Offices ("Han Kun") today officially released the "Han Kun 2025 VC/PE Data Analysis Report" (English Version) (the "Report").
In the Report, Han Kun summarizes data from the approximately 250 VC/PE transactions the firm assisted clients in closing in 2025 and analyzes the investment structures and key legal terms commonly used in such transactions. At the same time, Han Kun integrates data from over 4,300 VC/PE transactions accumulated over the previous nine years, presenting trends and changes in investment structures and key legal terms through horizontal comparison.
Part 1
Part 1 of the Report summarizes several trends and characteristics of the VC/PE transactions Han Kun assisted in closing in 2025:
Transaction volume rebounded after consecutive declines, while average deal size remained under pressure.
The proportion of onshore transactions declined slightly, but the pure domestic structure continued to gain momentum.
A significant proportion of VC/PE investors have State/government backgrounds, while Hong Kong-listed companies also form a notable investor segment.
Suzhou and Hangzhou witnessed continued growth in VC/PE market activity.
Financial investments edged up slightly.
Part 2
Part 2 of the Report focuses on multiple key legal provisions in VC/PE transactions by sorting out and analyzing them and summarizing trends in recent years. These provisions include: Preemptive Right, Right of First Refusal, Co-sale Right, Redemption Right, Anti-dilution Right, Drag-along Right, Dividend Preference, Protective Provisions, Board Composition, Employee Equity Incentive Plans, Liquidation Preference, Restrictions on Founders, Share Transfer by Founders, Information Right and Inspection Right, Survival Period of Representations and Warranties, Indemnification and Founders' Personal Liability, Restrictions on Investors, Most-favored Nation Clause, and Governing Law and Dispute Resolution.
Han Kun has been releasing VC/PE data analysis reports for ten consecutive years. Over the past decade, Han Kun has consolidated data samples from over 4,300 actual transactions, witnessing the ups and downs of the market and the continuous developments in the industry. This Report is not only an analysis of transaction details from the past year but also embodies Han Kun's long-term accumulated practical experience. We hope this work, which has been dedicated to providing insights for ten years, can provide valuable reference for the direction of the current VC/PE market.
About Han Kun Law Offices
Han Kun is a leading full-service law firm headquartered in China, specializing in complex cross-border transactions, banking and finance, compliance, intellectual property, and dispute resolution.
Han Kun currently has more than 200 partners and over 900 professionals across seven strategically located offices in China (Beijing, Shanghai, Shenzhen, Hangzhou, Wuhan, Haikou, and Hong Kong) and four overseas offices (Singapore, New York, Silicon Valley, and London). Over 90% of Han Kun's 900+ professionals are bilingual and possess international credentials.
Adhering to the purpose of "growing with clients", Han Kun relies on its global business network to achieve efficient collaboration across fields and regions, creating one-stop, multi-dimensional legal solutions for clients. We keenly perceive era trends, cultivate high-tech and high-growth tracks, focus on cutting-edge emerging industries, and provide professional legal services.
Click on the Han Kun 2025 VC/PE Data Analysis Report (English Version) to read or download the full PDF version.
